ASX returns from Easter in upbeat mood

The index is less than 70 points short of its record high struck in August last year.

Energy stocks, including Woodside (up 1.61 per cent) and Santos (1.59 per cent higher), caught the updraft, as did the largest gold producer on the stock exchange, Newcrest Mining (up 1.51 per cent). 

The All Ordinaries index rose 45.7 points, or 0.58 per cent, to 7867.9.

While the materials sector dominated early trading, bank shares also rallied after the Reserve Bank of Australia published an upbeat economic outlook in its April 5 board meeting minutes, released on Tuesday.

Meanwhile, the Australian dollar was buying 73.78 US cents at 1620 AEST, slightly above the 73.60 level it traded at 24 hours earlier.